This agreement marks another step forward in recovering funds connected to the infamous 1MDB case.

The US Justice Department revealed that assets including artworks by renowned artists Andy Warhol and Claude Monet, as well as a luxury flat in Paris, would be liquidated. The proceeds, amounting to $67m, will then be released to Malaysia. Prosecutors claim that these assets are linked to funds raised for the 1Malaysia Development Berhad (1MDB) fund between 2012 and 2013.

Jho Low, who remains a wanted fugitive, still eludes authorities with his whereabouts unknown. However, the US Justice Department has made significant strides in recovering stolen assets tied to the scandal, having already returned approximately $1.4bn with the assistance of the United States.

The total amount allegedly misappropriated from the 1MDB fund is believed to be over $4.5bn. The recent agreement with Jho Low, his family, and associated entities will provide a substantial boost to the recovered funds.

As part of the agreement, the US Justice Department has committed to working with foreign countries to transfer assets held abroad to Malaysia. This collaborative effort aims to repatriate assets acquired through illicit means.

The US Justice Department highlighted that the agreement resolves a civil forfeiture action involving a luxury apartment in Paris and artwork located in Switzerland. Both these assets were purchased by Jho Low for an estimated total of $35 million. Additionally, the parties involved have agreed to return real property and cash in bank accounts valued at approximately $67 million, held in Hong Kong, Switzerland, and Singapore, back to Malaysia.

Jho Low, whose real name is Low Taek Jho, has been accused of playing a central role in the 1MDB scandal. The allegations state that billions of dollars from the state fund, intended to benefit the Malaysian people, went missing. US and Malaysian prosecutors maintain that the misappropriated funds were used to enrich a select few individuals, enabling the purchase of luxury real estate, a private jet, and valuable artwork.

With this latest agreement, the US and Malaysia are demonstrating their commitment to pursuing justice and recovering stolen funds in the 1MDB case. Efforts to locate and hold Jho Low accountable continue as authorities seek to uncover the full extent of the financial scandal.